Cap 1 New debt repayments apply to you

Dandytf

I suspect this is is my 1st and not the last of these repayment e-mails
Capitol- we noticed over the last 18 mths a bigger portion of what you paid back on your credit card went towards interest.
Which mean rule apply.
Good news is your on track as the boost you gave to your monthly payments recently will help you avoid charges.
We'll keep any eye on your account over next 18 mths...

The only 'boost' I made was raising the minimum payment + £5 , I think.
Maybe my plan to pay off lower balances 1st won't be workable,
Posssibly if CC providers start making re payment decisions for me then I'll need to pay what I can in their order preference.
This is of no suprise as it;s been well posted via mse + I had similar e-mails from Aqua.
Interesting though makes sense to ensure nobody is not making any in roads on their card debts.

Edited £339 balance- I did raise DD from Minimum to £20 monthly recently -this was gong to be my next lowest balance anyway-just my c+ to pay off , probably This Thurs

onlyfoolsandparking

I think the new rules are pretty straightforward and of course the CC companies will always want to make profit but they still have a requirement (Legally I think) to look after people who might be displaying debt problems.


I rang up Halifax recently to enquire about any BT offers, they offered me a half decent one (15 months 0% 3% fee if memory serves) I didn't take it don't need one yet BUT then he went on to say I should consider upping my min payment???? Balance was around £1000 with £16100 limit so I asked why, he said it's the new rules we have to try and encourage people to pay down their balances.


So I said sure not a problem up it to £100 a month (I know not everybody has that luxury but I work real hard and keep a good eye on my cards) now the balance is around £300, the £100 is still going out each month as I'd expect it too, it's probably done me a favour with Halifax and showed them I'm a decent credit risk.

Dandytf

Thanks , and I since sent a secure message to cap1 luma card-the Biggie balance.
Got a reply today saying thev'e accepted my increased dd from 31 to 35 per month.
Hopefully that will be enough until I clear the 3 smaller balances and start seriously on the biggies.
Thankfuly this one wasn't an e-mail I'm hoping to apply small increases meanwhile ahead of any auto repayments being added by cap1.